Mad Money host Jim Cramer said he is selling bitcoin despite the collapse of major banks and growing public distrust of the banking system and the Federal Reserve He said.” Bitcoin is a strange animal,” he said, asserting that the cryptocurrency’s price is “manipulated up.”
Jim Cramer recommends
Jim Cramer, host of the CNBC show “Mad Money,” said he would sell bitcoin on this rally as the price ofBTCsurged following the collapse of several major banks. Cramer is a former hedge fund manager and co-founder of Thestreet.com, a financial news and literacy website.
On Monday’s Mad Money show, in response to a caller’s question about whether “continued distrust” of the banking system and the Federal Reserve had “strengthened the investment case for bitcoin,” Cramer acknowledged that the price ofBTChad risen but replied firmly.
No… Bitcoin is a strange animal. I will be frank, I think it is manipulated on … I would sell my bitcoins in a heartbeat on this rally.
“It’s been manipulated all along by Sam Bankman Fried [SBF]. So don’t think it hasn’t been manipulated yet,” Cramer stressed, referring to the disgraced former CEO of collapsed crypto exchange FTX.
The Mad Money host added, “Believe me, I used to be a believer in Bitcoin. Not here, not now.”
Many social media users consider Cramer’s suggestion to sell bitcoin a buy signal because of the poor advice he has been giving. There are even inverse Cramer Exchange Traded Funds (ETFs) that attempt to provide the opposite investment outcome of Cramer’s recommendations.
After the collapse of Silicon Valley Bank and Signature Bank, a video resurfaced on social media of Cramer recommending that investors buy shares of both banks on “Mad Money.”
Cramer advised investors to buySilicon Valley Bankwhose stock was closed by regulators last month. He also recommendedSignature Bank‘s stock as a good investment last April, almost a year before it was closed by the New York State Department of Financial Services.
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